Slovakia will be the EU's second-fastest aging economy by 2070

Slovakia will be the EU's second-fastest aging economy by 2070. The share of people over 64 compared to the 20-64 age group will rise from 26% in 2019 to 63% in 2070. Spending on pensions, healthcare, long-term care and education will therefore grow from 18.3% of GDP to 29.1%, which will be the highest growth in the union, reads the EU’s Ageing Europe report. The Slovak increase of 10.8 points is almost 5-times the union’s average of 1.9 points. The 64-year pension age cap imposed by the previous government alone would increase the 2070 spending on pensions by 3% of GDP. The current government aims to remove the cap. Its Recovery Plan counts on other reforms in education and healthcare that would put Slovakia’s public finances on a more sustainable path.

(mfsr.sk)